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Tuesday, August 11, 2026
What’s happening: Gold prices traded higher this morning, recording gains for the third consecutive session.
What happened: The yellow metal surged to its highest level in two months growing inflationary concerns amid a lack of progress in talks to reopen the Strait of Hormuz.
Weakness in the US dollar, with lower speculations of a near-term Federal Reserve rate hike, also lent support to gold prices.
Why it matters: Gold prices extended gains this morning after surging more than 2% on Friday following the release of weak jobs data by the US. The all-important NFP) (nonfarm payrolls) report showed private jobs falling 23,000 in July, compared to market estimates of a gain of 80,000.
Investors lowered their speculations of the US Federal Reserve hiking its benchmark interest rates in September, following the disappointing jobs report. Gold generally sees higher demand in a lower-rate environment as it is a non-yielding asset.
Meanwhile, China’s institutional investors continued buying gold as a hedge against volatility. Gold-linked ETFs (exchange traded funds) in the country notched their strongest inflows in months.
China’s central bank accelerated gold purchases last month, resulting in the biggest monthly addition to the bank’s reserves since October 2023.
Investors remain concerned about a fallout between the US and Iran, preventing the Strait of Hormuz from fully reopening and the tensions ending.
Weakness in the US dollar provided a boost to gold prices as a softer greenback makes metals more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged lower to 99.77 this morning.
Spot price for gold jumped 1% to trade at $4,433.15 an ounce this morning, hitting its strongest level in two months.
In other metals trading, spot price for silver gained 0.9% to $66.3175 an ounce, platinum rose 0.9% to $1,773.15 and palladium surged 1.2% to trade at $1,398.65.
What to watch: Investors will keep an eye on the developments in the US-Iran talks.
Data on US consumer prices, due to be released on Wednesday, and producer prices, scheduled for release on Thursday, will also remain in focus. The annual inflation rate in the US, which fell to 3.5% in June from 4.2% in the previous month, is expected to ease further to 3.4% in July. Analysts expect producer prices to rise 4.9% year-over-year in July following a 5.5% gain in June.
Context: The Singapore dollar rose versus the US dollar this morning as investors digested the latest GDP report.
Details: Data released this morning showed Singapore’s economy expanded by 5.9% year-over-year in the second quarter, easing from the previous quarter’s 6.3%, which was the strongest annual expansion since the third quarter of 2024.
Singapore’s economy grew 1.4% quarter-on-quarter in the second quarter, topping estimates of 1.1%. The beat was driven by manufacturing and wholesale trade following strong worldwide AI-related demand.
Quarterly GDP growth accelerated from 1.2% in the first quarter, bringing growth rate to 6.1% in the first half of the year.
The Ministry of Trade and Industry also increased Singapore’s economic growth outlook for the year, following a stronger-than-expected performance in the first half of 2026 and an improved forecast for the rest of the year.
The MTI now expects the economy to expand 4.5%-5.5% in 2026, up from its previous outlook of 2%-4%.
Weakness in the US dollar provided a boost to the Singapore’s currency. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged lower to 99.77 this morning.
The USD/SGD forex pair slipped to 1.2802 this morning.
What to watch: Data on current account (0400 UAE Time) from Singapore will be released on Wednesday. Singapore’s current account surplus, which rose to S$41.09 billion in the first quarter from S$32.72 billion in the year-ago period, is expected to narrow to S$36.5 billion in the second quarter.
Other Markets: European indices closed mostly higher on Monday, with the DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.02%, 0.13% and 0.03%, respectively, and the FTSE 100 down by 0.35%.
Ukraine launched a drone strike on the Russian republic of Tatarstan, stepping up its long-range strikes against the country. The news sent the USD/RUB pair higher in forex trading this morning.
Australia’s NAB business confidence index remained weak, coming in unchanged from the previous month at -6 in July, which exerted pressure on the AUD/USD forex pair.
UK’s retail sales grew by 1% year-over-year in July, easing from 1.7% in the previous month. The latest reading falling short of market estimates of a 1.5% gain sent the GBP/USD pair lower in forex trading this morning.
Colombia’s annual inflation rate eased to 6.03% in July from 6.14% in the previous month. The figure coming short of market estimates of 6.2% exerted pressure on the USD/COP forex pair.
Ireland’s AIB construction PMI surged to 53.0 in July from 45.4 in the previous month. However, the EUR/USD pair slipped in forex trading this morning.
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